A memorandum of understanding was signed between Oil and Gas Company Limited (OGDCL) and Gazprom International Russia for cooperation. The agreement was signed for using the latest technology in oil and gas exploration and development said, officials.

Chief executive officers of both companies represented their companies. Russian delegation had paid a visit to Pakistan framework of cooperation. Deputy chairman and CEO Gazprom International highlighted their preferences in the energy sector of Pakistan during a visit to Pakistan.

In coordination with OGDCL opportunities in E&P will be explored by Gazprom International offered a joint venture to OGDCL in the international block. Gazprom will in the commercialization of both stranded and marginal fields that will increase OGDCL’s income and production. Both have agreed on importing hydrocarbons to Pakistan from joint fields.

For effective MoU, both companies have decided to have meetings to review the progress and proper implementation of the agreement.

Gazprom International is working with almost 20 countries of the world and taking part in 40 projects of different scales. Algeria, Vietnam, Bolivia, Uzbekistan, Tajikistan, Kyrgyzstan, Bangladesh and on the North Sea Shelf (British, Danish and Dutch) are the few parts of the world where key projects are so far implemented.